Mortgage rates are climbing again despite the Federal Reserve cutting interest rates at last month’s policy meeting.
The 30-year fixed-rate mortgage rose to 6.32 percent for the week ending October 10, up from 6.12 percent a week ago, according to Freddie Mac’s Primary Mortgage Market Survey.
This represented the sharpest one-week increase since April.
Though mortgage rates suddenly increased, they are down from 7.57 percent a year ago.
Fifteen-year mortgage rates also climbed, to 5.41 percent, up from 5.25 percent last week. Likewise, they are down by 1.48 percent from the same time a year ago.
“We should remember that the rise in rates is largely due to shifts in expectations and not the underlying economy, which has been strong for most of the year,” Sam Khater, Freddie Mac’s chief economist, said in a statement….